Narendra Modi Calls for Global Trade Rule Changes at BRICS Forum

Indian Prime Minister Narendra Modi has called for a fundamental overhaul of global trade rules, arguing that the existing framework is increasingly failing to ensure stability and is hampered by protectionist measures and logistical bottlenecks.

Barriers to Trade and Shipping Disruptions

Speaking at the BRICS business forum, Modi highlighted the urgent need to dismantle trade barriers and address disruptions plaguing maritime shipping routes. He specifically pointed to the problem of non-tariff restrictions, which often serve as covert protectionist tools, and emphasized the necessity of modernizing global infrastructure to support smoother trade flows.

Modi asserted that the prevailing model of globalization is no longer capable of guaranteeing the stability of trade and logistics, a sentiment echoed by other leaders at the forum.

Shifting Global Economic Landscape

Russian President Vladimir Putin observed a significant redistribution of global economic power centers. Meanwhile, Iranian President Masoud Pezeshkian proposed a strategic shift away from dependence on a limited number of dominant currencies in international trade.

India's Push for Greater Influence

India, under Modi's leadership, is actively seeking greater influence in shaping international trade regulations. New Delhi's objective is to establish a global trading system that genuinely reflects the interests of developing economies. This includes ensuring that the determination of tariffs, quotas, and maritime security standards takes into account the perspectives and needs of these nations.